Sir Terence explained "industry's tear-jerking plight to the Financial Times saying: 'Profits in Inuustry are zilch. That's why the aid and assistance to this has got to come out of the national pot. dustry is like a squezzed lemon, absolutely dry.
What a confession of bankruptcy from our captains industry! After SOCIALISM below Name..
Address Age...
Union/CLP (if any).
50. London N1 2XP.
Socialist Challenge For Britain's bosses, however. the crisis has been worse in this country than 1C0L world's capitalists. As our graphs show, the productivity of British industry is bumping along the bottom or even falling in absolute terms, and is qualitatively lower than that OT BriJOIN THE FIGHT FOR If you would like to be put in touch with Socialist Challenge supporters in your area or would like more information fill in the form Send to: Socialist Challenge, PO Box 12 November 1982 page 2 with an ovation. But what kind of pay cuts would be needed to restore competitivity? Thirty per cent Isu a week off the average CB spokespeople! ere British situation wages are virtua lv the lowest in the EEC. This shows that the real problem lies, not in the workforce, lure i the cne failure of SASLClIl capitalists invest in modern productive equipment.
No matter how hard you slave on antiguated machinery you can't compete with modern equipkillings.
Yet devaluation approach have so accepted WORKIE lesistallle.
highwalCa terest rates fitable if foreign goods are cheaper - again, a high pound.
Secondly, the City, insurance and related sectors are really dedicated to extracting luleres and dividends from overseas Investilcll the policy benefits all those who are tied to overseas exploitation of cheap labour, using Britain's tinancia domination. But disastrous for those who depend domestic industry, who are starved of investment capital modernise, and priced out OIO CaI lalkels The net result is a furPRODUCTIVITY manufacturing output per employed worker-year • USA NETHERLANDS JAPAN W GERMANY BELGIUM